Month: March 2023

China Electric eMobility eV Leapmotor Leapmotor Stock

Leapmotor surges about 20% to near-record high in Hong Kong

Post author By Lei Kang/CnEVPost
Post date March 28, 2023

Analysts expect Leapmotor's sales to start improving gradually in the second quarter, meeting the company's guidance of selling more than 30,000 units in the quarter. | Leapmotor HK

Chinese electric vehicle startup Leapmotor surged on the Hong Kong stock market today, recovering almost all of its losses since going public.

Leapmotor rose as much as about 20 percent today to HK$39.2 a share, close to its highest price of HK$41 on the day it went public last September 29.

As of press time, that gain has eased back to about 16 percent, with a cumulative gain of about 27 percent so far this month.

There are no immediate factors driving the company's share price surge, though some recent developments are worth noting.

On March 21, Leapmotor released its annual results for 2022, showing it achieved revenue of RMB 12.38 billion ($1.8 billion) last year, up 295.4 percent year-on-year.

The company reported revenue of RMB 3.015 billion in the fourth quarter, up 116.16 percent year-on-year.

Leapmotor's deliveries in 2022 were 111,168 units, up 154 percent year-on-year. Of the total, 23,566 units were delivered in the fourth quarter, up 37.9 percent year-on-year.

The company's management said at the time that Leapmotor was targeting 200,000 unit sales in 2023, nearly doubling from 2022.

The effect of Leapmotor's price cut in March was affected by the price war in the Chinese auto industry, but the new orders will still start to pull full-year sales back up in the second quarter, said CITIC Securities analyst Yin Xinchi's team in a March 23 research note.

While sales are climbing, Leapmotor can keep its gross losses manageable and gradually narrow to near break-even through a series of cost-cutting measures and scale effects, the team said.

Leapmotor's gross margin in 2022 was -15.4 percent, better than the -44.3 percent in 2021. It had a gross margin of -6.9 percent in the fourth quarter.

The large improvement in both Leapmotor's revenue and gross margin in 2022 was mainly due to the growth in sales of the C series models and the obvious scale effect, the team said, adding that the company's average selling price of its products has increased with the product mix adjustment.

With the improvement of the sales network, overseas market expansion, and the application of new R&D results, Leapmotor's sales and profits are expected to further improve, Yin's team said.

The team expects Leapmotor's sales to start improving gradually in the second quarter, meeting the company's guidance of more than 30,000 units sold in the second quarter and revenue growth of more than 50 percent year-on-year.

In the third quarter, deliveries of the more profitable C01 extended-range electric vehicle (EREV) will begin, which is expected to further boost the company's sales and drive gross profit closer to break-even, the team said.

Leapmotor delivered 3,198 units in February, up 180.77 percent from 1,139 units in January and down 6.9 percent from 3,435 units in the same month last year, according to data released by the company on March 1.

Along with the delivery figures, Leapmotor announced the official launch of the C11 EREV, a rare shift back to internal combustion engines among Chinese electric vehicle startups.

($1 = RMB 6.8835)

Leapmotor delivers 3,198 vehicles in Feb, officially launches EREV model

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Tags Leapmotor

Electric eMobility eV

Elon Musk vs. Index Funds: Who Owns More Tesla Stock?

Post author By CleanTechnica
Post date March 28, 2023

Elon Musk spent much of last year selling off Tesla stock, though he remains the company’s largest individual stakeholder. However, despite a disdain for index funds and passive investing, some of those firms now make up a large portion of Tesla’s shares. Musk now owns fewer Tesla shares than the market’s three largest index funds […]

Electric eMobility eV

Elon Musk vs. Index Funds: Who Owns More Tesla Stock?

Post author By CleanTechnica
Post date March 28, 2023

Battery Swap China Electric eMobility eV Nio

NIO’s 3rd-gen swap station makes real-life debut as mass production nears

Post author By Phate Zhang/CnEVPost
Post date March 28, 2023

Starting in June, NIO will basically keep building 120-150 battery swap stations per month, William Li previously said. | NIO US | NIO HK | NIO SG

(Image credit: NIO)

NIO (NYSE: NIO) today gave its third-generation battery swap station its real-life debut in a test run, though it didn't go live as previously teased.

The next-generation station made its debut today next to a hotel in Haikou, in China's southernmost province of Hainan.

Executives including William Li, founder, chairman and CEO of NIO, and Shen Fei, senior vice president of NIO Power, were present for the introduction of the trial run.

(A screenshot of a live video shows NIO CEO William Li introducing the company's third-generation battery swap station in Haikou.)

NIO's third-generation battery swap station, unveiled at the NIO Day 2022 event on December 24, 2022, is capable of storing up to 21 battery packs, up from 13 for its predecessor generation and 5 for the first generation of the facility.

The latest facility increases the daily service capacity of a single station to 408, a 30 percent increase over the second generation.

Notably, some of NIO's third-generation battery swap stations will be equipped with two LiDARs and two Nvidia Orin chips, for a total computing power of 508 TOPS.

NIO announced plans to add 400 battery swap stations in 2023 late last year, but that plan was raised to 1,000 a month ago.

Li said on February 21 that the company will further accelerate the deployment of battery swap stations, aiming to have a cumulative total of more than 2,300 battery swap stations by the end of 2023.

Production of NIO's third-generation battery swap stations was well underway, with mass production expected to begin in April and deployment accelerating in May, Li said at the time.

Starting in June, NIO will basically maintain a construction rate of 120-150 battery swap stations per month, he said.

On March 20, NIO said in an article posted on the NIO App that the first 10 third-generation battery swap stations would go live on March 28.

However, this has not become a reality, and NIO's current plans appear to be consistent with the previous schedule.

NIO has already built some third-generation battery swap stations in cities including Beijing and Shanghai, although they have not yet been officially put into operation.

On March 23, CnEVPost visited NIO's delivery center in Jiading, Shanghai, where there is a third-generation battery swap station with the same exterior design as the previous two generations. The delivery center, NIO's largest in the world, opened on January 1.

(A third-generation battery swap station at NIO's delivery center in Nanxiang, Jiading, Shanghai. Image credit: CnEVPost)

Of the 1,000 battery swap stations NIO plans to add in 2023, about 900 will be third-generation facilities, NIO Power's Shen said at a media event last week.

The cost of equipment for NIO's three generations of battery swap stations is not very different, but the average cost per battery compartment has dropped significantly as service capacity has increased, Shen said at the time.

To date, the number of spare batteries in all of NIO's battery swap stations is roughly 11,000 to 12,000, Shen said in response to a question from CnEVPost.

NIO has added only 20 battery swap stations in China so far this year, bringing the total number of facilities to 1,325 so far, according to data monitored by CnEVPost.

The slowdown appears to be because NIO is waiting for the third generation of the facility to ramp up its capacity.

NIO reveals aggressive plan to add 1,000 swap stations in 2023

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Tags NIO

Electric eMobility eV

Volkswagen’s PowerCo Is Taking Off

Post author By CleanTechnica
Post date March 28, 2023

Last year, Volkswagen started a new battery production company that would operate under the VW umbrella: PowerCo. Now, in March 2023, several announcements by the company show that it’s actually taking steps to become a serious player in the battery industry. What’s PowerCo? Before I get into the announcements that show Volkswagen’s making a serious […]

Electric eMobility eV

More Green Batteries for Europe & USA

Post author By CleanTechnica
Post date March 28, 2023

I recently spoke with FREYR CEO Tom Jensen for our CleanTech Talk podcast. We discussed FREYR’s plans for battery gigafactories in Europe and the USA, and particularly these regions catching up to China in EV battery production (including the battery supply chain). We also talked innovation in EV battery development and production. You can find […]

China Electric eMobility eV Industry News Product Launch Rising Auto Rising Auto F7

SAIC’s Rising Auto launches battery swap-enabled mid to large-size sedan F7

Post author By Lei Kang/CnEVPost
Post date March 28, 2023

The Rising F7 starts at a price range of RMB 209,900 ($30,490) to RMB 301,900, or RMB 145,900 in battery rental mode.

(Image credit: Rising Auto)

SAIC Group's Rising Auto has officially launched the battery swap-enabled mid to large-size sedan, the F7, its second model.

The Rising F7 is available in six versions with a starting price range of RMB 209,900 ($30,490) to RMB 301,900, about half the price of the NIO ET7, according to information announced by Rising Auto at last night's launch event.

The car supports battery swap as NIO's models and allows consumers to purchase the vehicle body and rent a battery.

If consumers choose to purchase the car without the battery, the Rising F7 will start at RMB 145,900.

The car is an all-electric mid to large-size sedan with a length, width and height of 5,000 mm, 19,53 mm and 1,494 mm respectively, and a wheelbase of 3,000 mm.

For comparison, the NIO ET7 measures 5,101 mm in length, 1,987 mm in width and 1,509 mm in height, with a wheelbase of 3,060 mm, and has a starting price of RMB 458,000 including the battery.

The Rising F7 is available in 64-kWh, 77-kWh and 90-kWh battery packs, providing CLTC ranges of 500 km, 576 km, 600 km and 666 km.

The car is available in single-motor rear-wheel drive and dual-motor four-wheel drive versions, with the single-motor model having a peak motor power of 250 kW and a peak torque of 400 Nm and accelerating from 0 to 100 km/h in 5.7 seconds.

The dual-motor model has a maximum total motor power of 400 kW and a peak torque of 700 Nm, accelerating from 0 to 100 km/h in 3.7 seconds.

The car's smart cockpit system, Rising OS, is powered by a Qualcomm Snapdragon 8155 chip and features a 43-inch integrated screen inside the car, including LCD instrument screen, an OLED center console and a passenger seat screen.

Like Rising Auto's first model, the Rising R7 SUV, the Rising F7 also supports battery swap, which can be completed in 2.5 minutes under ideal conditions.

It is worth noting that Rising Auto is in the beginning stages of infrastructure development, with only three battery swap stations in Shanghai and over 50 battery swap stations under construction in 10 cities.

For comparison, as of March 27, NIO had 1,325 battery swap stations in China.

Rising Auto, previously known as R Auto, launched the Rising R7 on September 28, 2022, its first model since rebranding. Deliveries of the model began in October last year.

In early September 2022, SAIC announced that it had joined hands with Sinopec, China National Petroleum Corp (CNPC), CATL and Shanghai Automobile City to form a company specializing in battery swap services.

SAIC said at the time that its Rising Auto, Roewe, MG and Maxus brands would launch battery swap-enabled models.

Rising Auto delivered 1,501 and 1,523 vehicles in November and December, respectively, according to information it previously announced. The company did not announce deliveries this year.

($1 = RMB 6.8851)

SAIC's Rising Auto officially launches battery swap-enabled R7 SUV with subsidized starting price of $40,130

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Tags CATL, NIO

China Electric eMobility eV Nio NIO ES7 NIO ET5 Wait Times

NIO ES7 and ET5 wait times become shorter

Post author By Phate Zhang/CnEVPost
Post date March 28, 2023

Wait times for both the NIO ES7 and ET5 are now around 3 weeks, compared to 4-6 weeks and 3-4 weeks respectively. | NIO US | NIO HK | NIO SG

(From left to right: EC7, EC6, ET7, ET5. Screenshot on March 28.)

NIO's (NYSE: NIO) ES7 SUV and ET5 sedan have slightly shorter wait times in China, after the expected delivery dates for the two models became longer half a month ago.

The NIO ES7 now has an expected delivery date of about 3 weeks, down from the previous 4-6 weeks, information from the NIO App monitored by CnEVPost shows.

NIO ET5 also has a current expected delivery date of about 3 weeks, down from 3-4 weeks previously.

On March 14, the wait time for the ES7 went from about 3 weeks to 4-6 weeks, and the ET5 went from 2-3 weeks to 3-4 weeks.

NIO App is currently showing eight models, including the ES8, ES6, and EC6 based on the NT 1.0 platform, and the new ES8, ES7, EC7, ET7, and ET5 based on the NT 2.0 platform.

The EC7 and the new ES8 were unveiled at NIO Day 2022 held on December 24, 2022, and deliveries will begin in May and June, respectively.

The wait time information is unchanged today for all models except for the ES7 and ET5.

The NIO App stopped showing the expected delivery time for the ET7 on March 13, and that information is still not displayed.

Late last night, a local media report said that the current NIO ET7 has been discontinued and its annual facelift may be unveiled during the Shanghai auto show next month.

The current ET7 has some minor interior issues, and the revamped version will be optimized and will also further enhance the quality of the interior, D1EV quoted a salesperson at an NIO store in Beijing as saying.

NIO is no longer accepting customized orders for the ET7, and consumers who buy the model now will only have the option of available stock cars, the report said.

(From left to right: All-new ES8, old ES8, ES7, ES6. Screenshot on March 28.)

NIO stops ET7 production, to launch facelift this year, report says

Changes in wait times for NIO models

Date	Model	Prev	Change	Latest
03/28/23	ET5 (NT 2.0)	3-4 weeks	↓	About 3 weeks
03/28/23	ES7 (NT 2.0)	4-6 weeks	↓	About 3 weeks
03/14/23	ET5 (NT 2.0)	2-3 weeks	↑	3-4 weeks
03/14/23	ES7 (NT 2.0)	About 3 weeks	↑	4-6 weeks
03/13/23	ET7 (NT 2.0)	About 3 weeks	NA	Stop showing
02/14/23	ES7 (NT 2.0)	3-4 weeks	↓	About 3 weeks
02/14/23	ET7 (NT 2.0)	3-4 weeks	↓	About 3 weeks
02/14/23	ET5 (NT 2.0)	About 3 weeks	↓	2-3 weeks
02/6/23	ET5 (NT 2.0)	3-4 weeks	↓	About 3 weeks
01/28/23	ES7 (NT 2.0)	2-3 weeks	↑	3-4 weeks
01/28/23	ET7 (NT 2.0)	2-3 weeks	↑	3-4 weeks
01/28/23	ET5 (NT 2.0)	7-9 weeks	↓	3-4 weeks
01/11/23	ET5 (NT 2.0)	8-10 weeks	↓	7-9 weeks
01/5/23	ET5 (NT 2.0)	9-11 weeks	↓	8-10 weeks
12/29/22	ET5 (NT 2.0)	10-12 weeks	↓	9-11 weeks
12/22/22	ET5 (NT 2.0)	12-14 weeks	↓	10-12 weeks
12/20/22	ES7 (NT 2.0)	4-6 weeks	↓	2-3 weeks
12/13/22	ET5 (NT 2.0)	13-15 weeks	↓	12-14 weeks
12/13/22	ET7 (NT 2.0)	About 2 weeks	↑	2-3 weeks
12/13/22	EC6 (NT 1.0)	About 2 weeks	NA	Stop showing
12/2/22	ET5 (NT 2.0)	21-23 weeks	↓	13-15 weeks
11/25/22	ES7 (NT 2.0)	7-9 weeks	↓	4-6 weeks
11/25/22	ET7 (NT 2.0)	3-5 weeks	↓	About 2 weeks
11/23/22	ES8 (NT 1.0)	About 2 weeks	NA	Stop showing
11/16/22	ET7 (NT 2.0)	4-6 weeks	↓	3-5 weeks
11/10/22	ES8 (NT 1.0)	2-3 weeks	↓	About 2 weeks
11/10/22	ES6 (NT 1.0)	2-3 weeks	↓	About 2 weeks
11/10/22	EC6 (NT 1.0)	2-3 weeks	↓	About 2 weeks
11/3/22	ES7 (NT 2.0)	11-13 weeks	↓	7-9 weeks
11/3/22	ET7 (NT 2.0)	6-8 weeks	↓	4-6 weeks
11/3/22	ES8 (NT 1.0)	2-4 weeks	↓	2-3 weeks
11/3/22	ES6 (NT 1.0)	2-4 weeks	↓	2-3 weeks
11/3/22	EC6 (NT 1.0)	2-4 weeks	↓	2-3 weeks
10/31/22	ES7 (NT 2.0)	12-14 weeks	↓	11-13 weeks
10/31/22	ES8 (NT 1.0)	3-5 weeks	↓	2-4 weeks
10/31/22	ES6 (NT 1.0)	3-5 weeks	↓	2-4 weeks
10/31/22	EC6 (NT 1.0)	3-5 weeks	↓	2-4 weeks
10/21/22	ES7 (NT 2.0)	13-15 weeks	↓	12-14 weeks
10/21/22	ET7 (NT 2.0)	11-13 weeks	↓	6-8 weeks
10/21/22	ET5 (NT 2.0)	21-23 weeks	NA	Stop showing
10/21/22	ES8 (NT 1.0)	4-6 weeks	↓	3-5 weeks
10/21/22	ES6 (NT 1.0)	4-6 weeks	↓	3-5 weeks
10/21/22	EC6 (NT 1.0)	4-6 weeks	↓	3-5 weeks

The post NIO ES7 and ET5 wait times become shorter appeared first on CnEVPost.

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Tags NIO

China Electric eMobility eV Nio NIO ET7

NIO stops ET7 production, to launch facelift this year, report says

Post author By Phate Zhang/CnEVPost
Post date March 28, 2023

A revamped version of the NIO ET7 is expected to be optimized for exterior and interior details and will likely be unveiled during the Shanghai auto show, according to a local media report.

(Image credit: CnEVPost)

NIO (NYSE: NIO) is rumored to have stopped production of its flagship sedan ET7, which would not be surprising if it turns out to be true, as the NIO App stopped showing the wait time for the model earlier this month after months of low deliveries.

The current NIO ET7 has been discontinued and its annual facelift will be launched within the year, local automotive media D1EV reported late last night, adding that a revamped version of the ET7 is expected to have optimized exterior and interior details and will probably be unveiled during the Shanghai auto show next month.

The current ET7 has some minor interior issues, and the revamped version will be optimized and will also further enhance the texture of the interior, the report said, citing a salesperson at an NIO store in Beijing.

There is no way to know what specific changes will be made, but the salesperson mentioned that the overall texture of the upgraded ET7's interior will be closer to that of the ES7, according to the report.

NIO is no longer accepting orders for customized models of the ET7, and consumers who buy the model now will only have the option of available stock cars, the report said.

As is NIO's practice, the company is expected to offer upgrade options for ET7 vehicles that have already been delivered, according to the report.

The NIO ET7, the company's first sedan, was launched at the NIO Day 2020 event on January 9, 2021, with deliveries beginning March 28, 2022.

In April 2022, the ET7's first full month of delivery, the sedan was ranked No. 10 on the China Passenger Car Association's (CPCA) list of premium sedans with a starting price above RMB 300,000 ($43,570) with 693 units sold at retail.

With increased capacity, ET7 sales continued to grow after deliveries began and reached a monthly high of 4,349 units in June 2022.

Deliveries of the ET7 remained around 3,000 units per month for the vast majority of the second half of last year, but the figures slipped to 1,379 units in December, missing the CPCA's top-tier sedan sales ranking for the first time.

In January and February of this year, NIO ET7 deliveries slipped further to 521 and 649 units respectively, according to data from the CPCA monitored by CnEVPost.

On March 1, when asked on an earnings call whether the ET7 would have a revamped version this year, William Li, NIO's founder, chairman, and CEO, did not give a positive answer but said that the company had been working on the product iterations and improvements and that it would communicate in a timely manner.

Long-time NIO follower @肉肉爸比ev hinted on March 10 on Weibo that a revamped version of the ET7 is not far from launch.

On March 13, the NIO App stopped showing the expected delivery time for the ET7, previously the wait time for the model was about 3 weeks.